Berks County Medical Society Medical Record Winter 2019 - 24

M e d i c a l R e c o R d F e at u R e

FoR

SenioRS

How Much Do You Know
About Long-Term Care?

Asking the important questions...
by Joseph Leary, CFA®, MBA, CFP®, CPA, and Jeremiah Sensenig, financial advisors with MassMutual Greater Philadelphia.

The need for long-term care can happen to anyone...
at any time. It could be you, your spouse or partner, a
parent, or even a sibling. The need for long-term care
may result from being chronically ill, from a severe
cognitive impairment or something as unexpected as
an accident or injury.
What is long-term care?
Long-term care is a variety of services and supports to help meet
personal care needs over an extended period of time. Long-term care
commonly involves non-skilled personal care assistance, such as help
performing everyday Activities of Daily Living (ADLs), which are:
bathing, dressing, using the toilet, transferring (to or from bed or
chair), caring for incontinence and eating. Long-term care services
may help you maximize your independence and functioning at a time
when you are unable to be fully independent.

Where is long-term care provided?
Long-term care may take place at home or in assisted living facilities and it can also be provided in a community setting, in a nursing
home or through hospice services. You may initially receive assistance
at home or in community-based settings before moving into more
intensive care settings.

Can my family take care of me?
A need for long-term care may have a substantial impact on your
relationships with family or friends. Sacrifices may be made to provide
for your care. Family or friends may have to give up free time, spend
less time with their family, and take on the stress and physical strain
of becoming your caregiver. In addition, those caregivers may need
to take time off work or cut back on their work schedule, adding
financial strain. In the past, children took care of their aging parents.
Today, adult children may live at a distance from their families and
work full-time. Whether you need care, or find yourself in the position
of caregiver, long-term care impacts your whole family.

www.berkscms.org

How much do long-term care services cost?
Long-term care services may be very expensive. The national
median cost for a home health aide is $20.50 an hour. With home
care, you also have ordinary home and living expenses. The national
annual median cost for a private room in a nursing home is $97,445
and can be almost double in some areas of the country.1

LONG-TERM CARE COSTS ON THE RISE
Year National Median Nursing Home Costs
2017 $97,445
2020 $109,612
2025 $133,360
2030 $162,253
2035 $197,406
2040 $240,174

How will you pay for care?
You may begin paying for long-term care services on your own
but find that your savings will only cover care for a limited amount
of time. You may plan to rely on health insurance or government
programs, like Medicare or Medicaid2. Long-term care typically isn't
covered by traditional health insurance plans. Medicare generally
provides for long-term care if it is part of a rehabilitative plan or
skilled care. Medicaid only pays after you meet eligibility requirements,
including significant restrictions on income and assets.

http://www.berkscms.org

Berks County Medical Society Medical Record Winter 2019

Table of Contents for the Digital Edition of Berks County Medical Society Medical Record Winter 2019